The end of the year often feels like a rush towards the holidays, but the weeks leading up to December are the perfect time for a quick, essential financial clean-up.

As a Wealth Coach, I know that clarity leads to confidence. A few hours spent reviewing your details now doesn't just save you money—it clears the mental clutter so you can focus on your wealth-building goals when the new year rolls around.

This simple checklist will guide you through the administrative tasks and behavioral checks that ensure your money is working as efficiently as possible.

1. Check Your Budget and Find the ‘Leaks’

Before you spend on gifts, take a moment to look back at the past few months of spending. In my coaching sessions, I emphasize that this isn't about restriction; it's about intentionality.

• Review Subscriptions: Go through your bank statements and look for services you’re paying for but not using. Think streaming services, gym memberships, or old app subscriptions. If it doesn't align with your current lifestyle, cancel it.

• Analyse Variable Costs: Look at your utilities and phone plans. Have your fixed-rate deals expired? Could you save money by switching providers or plans? Many discounts offered throughout the year are only available to new customers, so it’s smart to compare.

• Update Your Budget: Adjust your budget for the new year based on actual spending behavior. If you consistently spend more on food than you allocate, it’s time to adjust the numbers to make your budget realistic. A budget that reflects reality is a budget you can stick to.

2. Review Your Insurance Policies

Insurance is one of those things we set and forget, but prices and circumstances change. From a coaching perspective, this is about risk management—ensuring the wealth you are building is protected.

• Update Valuation: If you have home and contents insurance, check if the estimated replacement cost of your belongings is still accurate. Have you bought any new, expensive items this year?

• Compare Premiums: Contact your insurer to see if they can offer a better deal or use a comparison site to check the cost of equivalent cover elsewhere. Loyalty sometimes costs you money, so don’t be afraid to switch.

• Check Excess: Review your excess amount. Raising it slightly can lower your premium, but ensure the excess is still an amount you could comfortably pay from your buffer fund if you needed to make a claim.

• Review Life Insurance: Unlike general insurance, life insurance involves more complex considerations. While I don't sell insurance products, I encourage you to check your policy against your current reality (debts, income, dependants). If your life circumstances have changed, I recommend you speak to a licensed insurance broker to adjust your cover.

3. Optimise Your Superannuation

Your retirement savings are important, and the end of the calendar year is a great time to check in on them. This is about taking ownership of your long-term future.

• Check Your Contributions: Are you on track to meet your retirement goals? While the tax contribution limits apply to the financial year (ending June 30th), getting an early start on boosting your super is always wise.

• Review Your Fees: Access your super fund portal and check the total fees you’re paying. Even a small difference in fees can have a massive impact over decades.

• Consolidate (If Necessary): Do you have any forgotten super accounts from old jobs? While a full review may take longer, it’s worth checking the myGov website to see if you can roll multiple accounts into one, reducing fees and paperwork.

4. Tidy Up Paperwork and Files

A tidy filing system ensures you’re ready for the next tax season and reduces financial anxiety. Organization is a key habit I help my clients build.

• File Digital Receipts: Sort and save all major receipts for the year, especially those related to work expenses, health, and investment activity. Digital filing is best for security and searchability.

• Verify Personal Details: Check that your contact details, beneficiaries, and emergency contacts are up to date with your bank, super fund, and insurer. A simple address change could impact your policy notices.

• Review Estate Documents: If you have a Will, check the list of assets and beneficiaries to ensure they are still correct, particularly if you have experienced any major life changes this year (like marriage, divorce, or the birth of a child).

Ready to Level Up Your Financial Habits?

Taking the time to complete this checklist means you can enjoy the holiday season knowing your financial house is in order. You’ll enter the new year with clarity, efficiency, and potentially more money in your pocket.

Do you need help staying accountable to these changes?

Wealth Coaching isn't just about the numbers; it's about the behavior behind the numbers. If you want to turn this review into a concrete strategy for the New Year, reach out to me.

Book a Discovery Call with Nicky

Let's work together to build the habits that build wealth.